News

Abu Dhabi / WAM The UAE has provided the Yemeni health sector, during the period 2015 to 2017, with financial assistance amounting to AED502 million to support its medical and health services in emergency cases, combat contagious diseases and provide basic healthcare, as well as to train heath sector employees. This is within the framework of the UAE’s desire to ...

Dubai / Emirates Business Chef Middle East, a leading regional supplier of the finest quality foods to the hotel, dining and airline industries, inaugurated its new AED 75 million world-class distribution centre at Dubai Investments Park (DIP). Omar Al Mesmar, General Manager of DIP, attended the grand opening and cut the ceremonial ribbon to officially open the massive 10,000 square ...

DUBAI / WAM Emirates Transport (ET), announced net profits of AED182.4 million for 2016, an increase of 25 percent on 2015, as revenues also rose to AED2.395 billion, recording an increase of 10 percent on the previous year. The figures were revealed in the federal transport corporation’s Annual Report 2016. Mohammed Abdullah Al Jarman, General Manager of ET, said the ...

Abu Dhabi / WAM Abu Dhabi Securities Exchange (ADX), granted SHUAA Capital International Ltd. a subsidiary of SHUAA Capital a licence to serve as Market Maker on the Exchange. The number of registered Market Makers on ADX has now reached three, including National Bank of Abu Dhabi and Al-Ramz Capital. The announcement was made during an event in ADX, organised ...

AJMAN / WAM Ajman Free Zone (AFZ) inaugurated the “Grand Offices” building on Tuesday morning, on Sheikh Khalifa bin Zayed Street, close to all the city’s necessary facilities to fulfil the business needs of investors. During the inauguration, Mahmoud Khalil Al Hashemi, Director-General of Ajman Free Zone, stressed that new office space location was in response to the growing demand ...

LONDON / Reuters The global oil market is rebalancing and the pace at which supply and demand are falling into line is picking up, even if inventories still fail to reflect the impact of OPEC supply cuts, the International Energy Agency said on Tuesday. In its monthly report, the IEA kept its global demand growth forecast for 2017 unchanged at ...

Bloomberg Kuwait joined Saudi Arabia and Russia in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. An extension of the cuts at already agreed-upon volumes is needed to reach the goal of paring world inventories to their five-year average, Kuwait’s Oil Minister Issam Almarzooq said ...

Bloomberg China is setting its sights on US energy as a growing reliance on imports forces it to look beyond traditional suppliers, according to the head of the country’s biggest oil and gas company. China National Petroleum Corp. will import more crude oil and natural gas from US and will consider participating in America’s growing liquefied natural gas export industry, ...

Bloomberg The Samsung brand is best known for its smartphones and wide-screen TVs. Yet behind the scenes, the conglomerate is also making a name as a contract manufacturer of complex medicines to treat diseases like cancer. On a piece of reclaimed land along the western coast of South Korea, Samsung BioLogics Co. is building a $740 million factory that will ...

Bloomberg After a savage three-day sell-off, Noble Group Ltd. shares climbed on Tuesday even as Moody’s Investors Service joined S&P Global Ratings in highlighting the embattled commodity trader’s finances, saying that estimated liquidity isn’t sufficient to cover debt due by mid-2018. Moody’s said that while the liquidity headroom, including cash and unused committed facilities, was $2.4 billion at end of ...